Skye Bioscience announced plans to halt development of eye disease treatment following disappointing results from a mid-stage study in glaucoma. The drug SBI-100 did not achieve its primary objective of reducing eye pressure significantly compared to placebo in a study involving 56 patients with primary open-angle glaucoma, the company reported on Monday. This type of glaucoma is characterized by inadequate fluid drainage from the eye, leading to elevated eye pressure and potential vision impairment.

In response to the setback, Skye Bioscience will redirect its clinical development efforts toward its weight-loss drug program, aiming to extend its financial runway through 2027. The company's upcoming mid-stage trial for nimacimab, an obesity treatment targeting the CB1 protein to influence fat metabolism and hunger signaling pathways, is set to begin dosing patients in the third quarter of this year. Skye Bioscience believes nimacimab holds promise not only for obesity but also for addressing conditions like chronic kidney disease and metabolic dysfunction-associated steatohepatitis (MASH).